Punish the energy profiteers

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What a difference a year makes. In 2008 the big energy suppliers were falling over themselves to explain the relationship between wholesale energy costs and the price of domestic gas and electricity. It is simple, we were told. As the price of wholesale energy goes up, so must the cost to customers. Cue average price rises of more than 40 per cent over the year, with some unlucky customers suffering much worse.

But now, as the wholesale cost of energy has fallen sharply, the story has changed. Apparently, the relationship between wholesale and domestic prices is not so simple after